Squirrel Peanut's Market Cap Hits $2 Billion, while GOAT's Hits $1 Billion
Since its inception on the Solana blockchain, Peanut the Squirrel's memecoin, PNUT, has captivated investors with its emotive narrative and quick development, skyrocketing to a $2 billion market worth.
The invention of one of the most talked-about meme coins was inspired by the story of Peanut the squirrel, which came as a surprise to many. Launched earlier this month on the Solana (SOL) blockchain, PNUT's market worth hit $2 billion in just two weeks.
The heartbreaking decision to end Peanut's life due to rabies fears inspired the creation of this coin, which has since transfixed the cryptocurrency community.
This steep rise peaked on November 14 at $2.47, the all-time high, and then leveled off at $1.90.
Just like that, the price of the popular GOAT token, Goatseus Maximus, soared past $1 after seeing a $1 billion volume after its recent Bitget Listing.
Everyone in the meme currency market is wondering who will take over after PNUT's triumph.
The $2 billion Market Cap of Peanut the Squirrel
Prior to its Binance listing on November 11, the token's price was $0.03128, however PNUT saw a steady rise before seeing a tremendous explosion.
Emergence of positive online sentiment and support from prominent personalities, such as Elon Musk, occurred simultaneously with the breakout.
With Musk's tweet about an old squirrel meme, PNUT was thrust into the limelight, and the price jumped even higher.
According to the current market trend, PNUT could be about to hit a pivotal point.
For the time being, its near-term direction is going to be determined by how the price reacts to the $2.45 resistance level.
Based on Fibonacci retracement levels, experts believe that if it breaks above this level, it could initiate a fifth wave of rising momentum, potentially hitting objectives of $3.73 and perhaps $5.83.
Be wary, though, because technical indicators are showing symptoms of weakening.
After a quick rise, the Relative Strength Index (RSI) has dropped to about 37, which is negative and suggests the token could be overbought.
On the two-hour RSI chart, a bearish divergence is taking shape, which may indicate that selling pressure is about to escalate and for a correction to occur.
With an ATR of 0.064, PNUT is not very volatile, but traders' reactions to market mood and news events might cause large price swings in the near future.
Interestingly, GOAT also followed a similar path, but analysts are predicting even more because they think its resistance level may go greater than $1.02.
In the event that PNUT is unable to break through its current level of resistance, it might initiate a more severe correction by crashing below its critical support level of $1.73.
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